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Application & Loan Disbursement Process <br /> The Housing Resource Center's (HRC) North & East Metro office is the program <br /> administrator. Please call the HRC's construction and loan consultants at 651-486- <br /> 7401 to answer any questions about Mounds View's loan program and/or your project. <br /> GMHC Housing Resource Center North & East Metro <br /> 1170 Lepak Court <br /> Shoreview, MN 55126 <br /> Phone: 651-486-7401 <br /> Fax: 651-486-7424 <br /> DO NOT SIGN ANY CONTRACTS OR START YOUR PROJECT UNTIL A <br /> CLOSING HAS TAKEN PLACE. ANY PROJECT BEGUN BEFORE A LOAN <br /> CLOSING HAS TAKEN PLACE WILL BE INELIGIBLE FOR PARTICIPATION IN <br /> THE PROGRAM. <br /> Application Process: Completed applications will be processed by the HRC's North & <br /> East Metro office on a first-come, first-served basis, as funds are available until all <br /> program funds are committed. After loan approval you will be notified to come to the <br /> HRC for a loan closing to sign a Note and Mortgage. <br /> Rehabilitation Consulting: HRC consultants will be available to advise borrowers <br /> about proposed projects and conduct an optional initial home inspection. HRC will <br /> review bid(s) for reasonableness. <br /> Loan Costs: A credit report fee paid by applicant at time of application; mortgage <br /> registration tax and filing fee and title policy paid by borrower at closing. The title policy <br /> may be financed through the loan. <br /> Contractors & Permits: Contractors must be properly licensed by the state of <br /> Minnesota when required. Permits must be obtained when required by city code. <br /> Total Project Cost: It is the borrower's responsibility to obtain the amount of funds <br /> necessary to finance the entire cost of the work. If the final cost exceeds the loan <br /> amount, the borrower must obtain the additional funds. Borrower's contribution to <br /> project cost must be paid prior to release of loan funds. HRC can direct borrowers to <br /> additional financing sources. <br /> Work Completion: Weather permitting, work must be completed within 120 days of <br /> loan closing. <br /> General Home Improvement Loan <br /> Page 3 of 4 <br />